Other retail giants, such as Best Buy and Radio Shack are also offering substantial discounts, but Walmart appears to have them beat, CNNMoney reported Saturday.
Walmart said it is selling the 15 GB iPhone 4 for $47, a $40 break for customers who also buy a two-year service contract.
Older generation iPhones, the hand-held iPods and the larger iPads can also be found for discount prices. Apple listed iPods and iPads for up to $40 off at their retail outlets on Black Friday this year.
Walmart, which may be motivated by a desire to clear their shelves of older generation merchandise, said their sale was on a first-come, first-serve basis. They would not be taking orders for phones at those prices when they run out, Walmart said.
Walmart said it will sell the 16 GB iPhone 5 for $127, about $60 off the normal price. It is sold with a two-year contract.